Kay_BBandsV3
This is the 3rd version of Kay_BBands.
When +DI (Directional Index ) is above -DI , then Upper band will be visible and vice-versa.
This is when the ADX is above the threshold. 28 is the default in this version. I found its more appealing in 5M time frame.
BLUE - ADX under 10
GREEN - Uptrend, ADX over 10
RED - Downtrend, ADX over 10
Use it with another band with setting 20, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.
I didn't know how to update the old script so published it again.
Changes - :
1) Updated default settings for the indicator
2) ADX setting are now DI (28), ADX (10), adx level to check is 10.
3) IMPORTANT one - When DI is up/down, lower/upper band will also have color (more visible that way.)
Play around the settings.. It really eliminates extra indicator checking visually... Please like if you think idea is good.
When +DI (Directional Index ) is above -DI , then Upper band will be visible and vice-versa.
This is when the ADX is above the threshold. 28 is the default in this version. I found its more appealing in 5M time frame.
BLUE - ADX under 10
GREEN - Uptrend, ADX over 10
RED - Downtrend, ADX over 10
Use it with another band with setting 20, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.
I didn't know how to update the old script so published it again.
Changes - :
1) Updated default settings for the indicator
2) ADX setting are now DI (28), ADX (10), adx level to check is 10.
3) IMPORTANT one - When DI is up/down, lower/upper band will also have color (more visible that way.)
Play around the settings.. It really eliminates extra indicator checking visually... Please like if you think idea is good.
//version=2 //2nd version of the band study(shorttitle="Kay_BBv3", title="Kay_BBandsV3", overlay=true) length = input(20, minval=1) hl = input(false, title="Band source as high/low ?", type=bool) Usrc = hl ? high : close // input(high/Low, title="Upper Src") Lsrc = hl ? low : close //input(low, title="Lower Src") mult = input(2.0, minval=0.001, maxval=50) basis = input(false, title="Use EMA ?", type=bool) ? ema(close, length) : sma(close, length) isU = close > basis isD = close < basis //2 diviation upperB = basis + (mult * stdev(Usrc, length)) lowerB = basis - (mult * stdev(Lsrc, length)) //1 Diviation upperB1 = basis + ((mult/2) * stdev(Usrc, length)) lowerB1 = basis - ((mult/2) * stdev(Lsrc, length)) //upper = isU and highest(Usrc, length) == Usrc ? upperB : upperB < fixnan(upper[1]) ? upperB : fixnan(upper[1]) //lower = isD and lowest(Lsrc, length) == Lsrc ? lowerB : lowerB > fixnan(lower[1]) ? lowerB : fixnan(lower[1]) //Adx adxlen = input(10, title="ADX Smoothing") dilen = input(28, title="DI Length") dirmov(len) => up = change(high) down = -change(low) truerange = rma(tr, len) plus = fixnan(100 * rma(up > down and up > 0 ? up : 0, len) / truerange) minus = fixnan(100 * rma(down > up and down > 0 ? down : 0, len) / truerange) [plus, minus] adx(dilen, adxlen) => [plus, minus] = dirmov(dilen) sum = plus + minus adx = 100 * rma(abs(plus - minus) / (sum == 0 ? 1 : sum), adxlen) [plus1, minus1] = dirmov(dilen) sig = adx(dilen, adxlen) level = input(10, title="ADX level", minval = 1) plot(basis, color=sig > level ? red : blue, title="BB Basis") //p1 = plot(upper, color=black, title="BB Upper modified", transp=0) //p2 = plot(lower, color=black, title="BB Lower modified", transp=0) //fill(p1, p2, color=blue, transp=90, title="Modified") p1 = plot(upperB, color=sig > level ? (plus1 > minus1 ? #00C600 : #7D7D7D) : blue, title="BB Upper", transp=0) p2 = plot(lowerB, color=sig > level ? (plus1 < minus1 ? #FF0000 : #7D7D7D) : blue, title="BB Lower", transp=0) fill(p1, p2, color=blue, transp=95, title="Background") p3 = plot(upperB1, color=sig > level ? (plus1 > minus1 ? #00C600 : #7D7D7D) : blue, title="BB Upper", transp=0) p4 = plot(lowerB1, color=sig > level ? (plus1 < minus1 ? #FF0000 : #7D7D7D) : blue, title="BB Lower", transp=0) fill(p3, p4, color=red, transp=95, title="Background")